Annual report pursuant to Section 13 and 15(d)

Concentrations

v3.24.1
Concentrations
 12 Months Ended
Dec. 31, 2023
Risks and Uncertainties [Abstract]  
Concentrations

NOTE 10 — CONCENTRATIONS

Revenue from the Company’s products are as follows ($ in thousands):

 

 

Years Ended December 31,

 

 

2023

 

 

2022

 

 

2021

 

Laser systems

$

30,043

 

 

61.1

%

 

$

31,443

 

 

64.8

%

 

$

25,023

 

 

63.9

%

Consumables and other

 

13,596

 

 

27.7

%

 

 

11,322

 

 

23.4

%

 

 

9,456

 

 

24.1

%

Services

 

5,525

 

 

11.2

%

 

 

5,697

 

 

11.8

%

 

 

4,709

 

 

12.0

%

Total revenue

$

49,164

 

 

100.0

%

 

$

48,462

 

 

100.0

%

 

$

39,188

 

 

100.0

%

 

The Company maintains its cash and cash equivalent accounts with established commercial banks. Such cash deposits periodically exceed the Federal Deposit Insurance Corporation insured limit.

For the years ended December 31, 2023, 2022, and 2021, sales to our largest distributor worldwide accounted for approximately 5%, 4%, and 5%, respectively, of our net revenue. As of December 31, 2023 accounts receivable from one customer totaled approximately 11% of total gross accounts receivable. The entire balance is either current or outstanding for less than 180 days. As of December 31, 2022 accounts receivable from one customer totaled approximately 12% of total gross accounts receivable. The entire balance was received in 2023.

The Company currently purchases certain key components of its products from single suppliers. Although there are a limited number of manufacturers of these key components, management believes that other suppliers could provide similar key components on comparable terms. A change in suppliers, however, could cause delays in manufacturing and a possible loss of sales, which could adversely affect the Company’s business, results of operations and financial condition.